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HR67
Level 1

Entering 1099-R information correctly into TT

Hello,

In 2024, I rolled an employer-sponsored 401(k) to IRA. There were 2 components in the 401(k) (i) a pre-tax amount that went entirely to a Traditional IRA; and (ii) an after-tax amount that rolled into a Roth IRA. Now, the financial institution has only sent me a single 1099-R form.

 

Box 1 Gross Distr. has the total amount (lumped together), Box 2 Taxable amount is $0.00, Box 7 has "G" and Box 5 has the after-tax amount corresponding to what went into the Roth IRA. There is no Roth conversion going on and I am not withdrawing anything. So there should be no tax impact. 

 

How is this supposed to be handled in TT? I've seen various posts asking to split the 1099-R into 2 and entering separately in TT. Is this the correct way? And should I use code "G" for Box 5 in both 1099-Rs ? .

 

Thanks in advance to the TT community for any advice. 

HR

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